Name: The Complete Course in Risk Management: Operational Risk Management & Mitigation Training Course
Rating: 4.7 (1076 reviews)

Scheduled Dates

09 - 13 Nov 2026

London - UK

$5,950

Why Choose this Training Course?

This Complete Course in Risk Management: Operational Risk Management & Mitigation training course equips managers with an integrated approach to identifying, analysing and controlling risk at every level of the organisation. It brings strategic enterprise risk and day-to-day operational risk into a single framework, so that decisions taken in the boardroom and on the plant floor rest on the same evidence. Delegates work with ISO 31000:2018, the COSO Enterprise Risk Management framework and the techniques set out in IEC 31010:2019, applying them to major industrial failures and to risks drawn from their own operations.

This training course will highlight:

An integrated framework linking enterprise and operational risk
Critical thinking, root cause analysis and failure mode analysis
Qualitative and quantitative techniques, including bow-tie, fault tree and Monte Carlo methods
Risk appetite, key risk indicators and operational resilience
Risk governance, risk culture and board-level reporting

What are the Goals?

At the end of this training course, you will learn to:

Apply ISO 31000 and COSO ERM principles
Analyse root causes using structured techniques
Assess risks with qualitative and quantitative tools
Design risk responses, controls and indicators
Report risk effectively to senior leadership

Who is this Training Course for?

This course suits professionals who identify, assess, own or oversee risk in their organisation. It is relevant to both experienced practitioners and those moving into risk-related roles.

This course is suitable to a wide range of professionals but will greatly benefit:

Risk managers and risk analysts
Operations, plant and asset managers
Project and engineering managers
HSE, quality and compliance professionals
Internal auditors and assurance specialists
Business continuity and resilience practitioners
Team leaders taking on risk ownership responsibilities

How will this Training Course be Presented?

The course combines concise expert input with group exercises, case studies of major industrial failures and practical work on delegates' own operational risks. Delegates build risk registers, bow-tie diagrams and fault trees, and run a simple Monte Carlo simulation. Facilitated discussion links each technique to current standards and regulatory expectations. The final day draws the methods together in an integrated case study and a personal action plan for the workplace.

Organisational Impact

Organisations that send delegates to this course will benefit from:

A consistent risk language across strategic and operational levels
Fewer operational losses through earlier detection of control weaknesses
Risk decisions aligned with an agreed risk appetite
Greater resilience against disruption to critical services
Clearer accountability for risk through the Three Lines Model
Better-quality risk information reaching senior management and the board

Personal Impact

Delegates will strengthen the knowledge and skills needed to manage risk with confidence, including:

Confidence in applying recognised risk management standards
Sharper critical thinking and problem-solving judgement
Practical skill with root cause, bow-tie and fault tree techniques
The ability to set, monitor and act on key risk indicators
The ability to write risk reports that support decisions
Greater credibility when presenting risk to senior stakeholders

Daily Agenda

Day 1: Foundations of Enterprise and Operational Risk Management

Risk and operational risk: definitions, categories and loss events
Business, technical, implementation and operational risks compared
ISO 31000:2018 principles, framework and process
COSO ERM and the link between risk, strategy and performance
Risk management at strategic, tactical and operational levels
Building senior support and organisation-wide risk awareness
Risk across the project and asset life cycle
High Reliability Organisations and their operating principles

Day 2: Critical Thinking, Root Cause Analysis and Risk Appetite

Critical thinking and its role in risk judgement
Advanced reasoning patterns and the influence of cognitive bias
Resourceful thinking and risk-based decision making
Root cause analysis techniques and systemic analysis
Failure Mode and Effects Analysis (FMEA)
Building robust risk registers
Risk appetite, tolerance and the risk:reward decision model

Day 3: The Risk Management Process and Risk Identification

The proactive risk management process wheel
Risk management planning and establishing context
Identification techniques from IEC 31010:2019, including HAZOP and scenario analysis
Risk and Control Self-Assessment (RCSA)
Bow-tie analysis of causes, consequences and barriers
The risk matrix and the Decision Making Grid
Criticality analysis for physical and operational assets
Lessons from major failures across industries

Day 4: Risk Analysis, Response and Control

Qualitative risk analysis
Quantitative risk analysis and Monte Carlo simulation
Fault Tree Analysis
Risk response strategies and control design
Key Risk Indicators (KRIs) and escalation thresholds
Risk management plans and budgets
Operational resilience and business continuity under ISO 22301:2019
Opportunity assessment and risk monitoring

Day 5: Risk Governance, Culture, Reporting and Emerging Risks

Risk governance, oversight and the Three Lines Model
Risk culture, risk maturity and embedding risk management
Effective risk reporting and communication to the board
What distinguishes a good risk report from a poor one
Emerging risks: cyber, artificial intelligence, climate and ESG
Integrated case study: project execution risk in oil and gas
Personal action planning for the workplace

Certificate

Upon successful completion of this training course, delegates will be awarded an official PetroKnowledge Certificate of Completion, signed by the course facilitator. The certificate confirms successful participation and records the total learning hours completed.
Continuing Professional Education credits (CPE): In accordance with the standards of the National Registry of CPE Sponsors, one CPE credit is granted per 50 minutes of attendance.

Accreditation

Would an alternative date be more suitable?

We offer a variety of tailored training options, customized to meet your organisation's needs. Delivered anytime, anywhere, we make it easy to bring expert training directly to your team.

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Management, Strategy & Leadership

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The Complete Course in Risk Management: Operational Risk Management & Mitigation